Australia’s economy has become more open, connected and integrated with the world economy. While our economy has strengthened, our markets have become more dynamic, we have many new products and services, and also new competitors. 

The changed economic context that has delivered so many benefits to Australia has been underpinned by a market-focused reform agenda that promotes flexibility, competition and improved incentives. 

The Australian banking industry has been fully exposed to these forces of change. As far as consumers are concerned, this has increased the range of products available and lifted the number of households and businesses with access to credit.

Submission to the Senate Economics References Committee Inquiry into Competition within the Australian Banking Sector